Statutory Obligation for Listed Companies to Disclose Price Sensitive Information

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On 11 February 2011, the Hong Kong Government published its consultation conclusions on its proposal to enact legislation requiring listed companies to disclose price sensitive information. The Government is proceeding with the proposal, subject to minor amendments, and a Securities and Futures (Amendment) Bill is expected to be gazetted and introduced to the Legislative Council in the 2010/11 legislative session.

In conjunction with the Government’s conclusions, the Securities and Futures Commission (“SFC”) has also published consultation conclusions on its draft Guidelines on Disclosure of Inside Information (“Guidelines”). The Guidelines help to illustrate how the statutory disclosure requirements will operate in practice and the relevant compliance issues. They will not have the force of law, but will help listed companies meet the requirements of the law.

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